Accounts Payable operates on a batch system. This means you:
Enter the three main types of transactions — invoices, payments, and adjustments — into batches.
Batches are groups of transactions that share the same batch number and batch date. Each transaction has its own entry number, vendor number, date, and details.
- List the batches to check for errors.
- Post the batches to record the transactions in vendor accounts and distribute the amounts to general ledger accounts.
- Print the posting journals and G/L Transactions report as part of your audit trail records of batches.
The batch system for processing transactions provides great flexibility at the batch-entry stage, and tight auditing control during and after posting.
For details, see the following topics:
If you use Intercompany Transactions with Accounts Payable
If you use Intercompany Transactions, the Accounts Payable component in ICT lets you enter invoices, debit notes, credit notes, and interest charges for related companies. ICT A/P posting creates an Accounts Payable batch in the A/P ledger for the originating company and creates an ICT G/L batch in the ICT company. Posting an ICT A/P batch creates an Accounts Payable batch in the originating company's Accounts Payable ledger (for posting invoices, debit notes, credit notes, and interest to vendor accounts), and it creates an ICT G/L batch in the ICT company. (For online help specifically about ICT features, you must open an ICT form, and then press F1 on your keyboard. You can only do this if you have installed ICT and activated it in an ICT company.)